InterGlobe Aviation (INDIGO) Q3 2025 earnings summary

Executive summary

• Achieved record third-quarter results with 31.1 million passengers, a 13% year-over-year increase, and peak daily flights of 2,200, driven by strong demand, strategic expansion, and operational improvements.

• Total income rose 15% year-over-year to INR 230 billion, with revenue from operations up 13.7%.

• PAT declined 18.3% year-over-year to INR 24.5 billion, with PAT margin at 11.1%; excluding forex, profit after tax was INR 38.5 billion.

• Fleet expanded to 437 aircraft, up by 79 from Q3 FY24, and network expanded to 90 domestic and 38 international destinations.

• Recognized as Airline of the Year by CAPA and improved Dow Jones Sustainability Index score by 80% over two years.

Financial highlights

• EBITDAR grew 10.7% year-over-year to INR 60.6 billion; EBITDAR margin at 27.4%, and excluding forex impact, margin improved to 33.7%.

• Passenger unit revenue (PRASK) was INR 4.72, flat year-over-year; yields at INR 5.43, down 1%; load factors at 86.9%, up 1.2 points.

• RASK was INR 5.44, up 2% year-over-year.

• Mark-to-market forex loss of INR 14.6 billion due to rupee depreciation; hedging gains of INR 591 million recorded.

• Free cash rose 50.5% to INR 289 billion; total cash at INR 437.8 billion; total debt at INR 651.4 billion.

Outlook and guidance

• Q4 capacity expected to grow 20% year-over-year, with full-year guidance of early double-digit capacity addition reaffirmed.

• Early single-digit moderation in unit passenger revenue anticipated for Q4 due to a high base last year.

• Confident in long-term demand fundamentals and ability to balance growth with financial discipline.